NEW TAX PROPOSALS WORRY HOLLAND CASINO
16 November 2007
Will the land casino tax have repercussions for
Holland Casino's online venture?
Dutch state companies may hold a monopoly on gambling in
the Netherlands, but a proposal for a dramatic increase
in tax on slot machines is creating waves at Holland
Casino...and raises questions about the impact on its
online gambling operations due for relaunch with
Cryptologic software soon.
Holland Casino is the only company permitted to operate
casinos in the Netherlands, and it is concerned for its
future if the cabinet pushes through a dramatic increase
in the tax on slot machines, reports the publication
Expatica. And the gambling company has gone public with
its concerns this week.
The Dutch cabinet wants to convert the 16 percent value
added tax on the machines into a gaming tax of 40.85
percent and although Parliament still has to express its
view on the matter, Holland Casino says that the tax
hike could put the continuity of the company in danger
and prevent it from turning a profit.
It is not at this stage clear what impact, if any such a
tax might have on the online operations of Holland
Casino.com, which are currently being extensively
re-equipped and upgraded through a contract with online
gambling software developer Cryptologic.
Holland Casino currently reports profits of Euro 80 to
90 million a year. A higher tax rate will inevitably
result in losses of tens of millions each year, a
spokesperson for the gambling company said, pointing out
that the current value of the company, around Euro 1.5
billion, could "...evaporate as a result."
Online Casino News courtesy of
InfoPowa
More news here.
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